HoustonIsHome Posted March 26, 2018 Share Posted March 26, 2018 One issue that is never brought up when it comes to GFR. Retail is a multifaceted issue and you cannot Question the need for GFR based on vacant GFR in the area. You may want to ask other questions such as 1.) Are they vacant because people just don't want to set up shop in the area 2.) There is no market 3.) It's cost prohibitive to set up shop in that area I have no idea what it costs to rent retail space in downtown but I never here it brought up. I dunno but if I can get almost as many customers underground but pay half the rent I pay on ground level then I will go that route. This area is not yet like main around the corner. This area is just picking up in terms of foot traffic. Areas that are not as busy rely on people in the area to keep their business alive. Since these are people in the know, the retail does not have to be visual. But this area IS picking up. I am of the opinion that if there was much more competition for ground floor retail space, owners would have more incentive to drop prices which would make it more cost effective to set up shop at street level especially in a burgeoning corridor. More street level retail usually improves the street presence which reinforces the cycle of more pedestrian traffic which increases the need for more storefronts which means higher occupancy for owners. Everyone wins. The pedestrians get a better experience. The stores get more options and lower rent. The building owners get more business. The area benefits by being more active which benefits the building owners again in terms of increased property values. Again I don't know rent costs. Just a theory. 4 Quote Link to comment Share on other sites More sharing options...
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.